Financing Activities. Cash used in financing activities was $14.9 million during
FY 2020, as compared to $6.2 million of cash provided during FY 2019, a decrease to cash between the periods of $21.1 million. In FY 2020 we repaid a net $13.2 million on our senior debt and other borrowings versus borrowing a net
$7.6 million in FY 2019. These financing activities on our existing credit facilities were primarily to fund our investment in the container lease fleet, make business acquisitions, pay dividends and manage our operating assets and liabilities.
Cash of $1.8 million was used during both periods to pay dividends on primarily our Series C Preferred Stock. In FY 2020, we received proceeds of $98,000 from issuances of common stock on the exercises of stock options versus $0.9 million
in FY 2019.
Receivables and inventories were $51.4 million and $31.4 million at December 31, 2019 and $56.2 million and
$29.1 million at June 30, 2019, respectively. At December 31, 2019, DSO in trade receivables were 39 days and 40 days in the Asia-Pacific area and our North American leasing operations, as compared to 34 days and 46 days at
June 30, 2019, respectively. Effective asset management is always a significant focus as we strive to apply appropriate credit and collection controls and maintain proper inventory levels to enhance cash flow and profitability.
The net book value of our total lease fleet was $466.3 million at December 31, 2019, as compared to $456.8 million at
June 30, 2019. At December 31, 2019, we had 101,590 units (24,257 units in retail operations in Australia, 9,973 units in national account group operations in Australia, 12,225 units in New Zealand, which are considered retail; and 55,135
units in North America) in our lease fleet, as compared to 99,743 units (25,355 units in retail operations in Australia, 9,254 units in national account group operations in Australia, 12,574 units in New Zealand, which are considered retail; and
52,560 units in North America) at June 30, 2019. At those dates, 78,637 units (19,607 units in retail operations in Australia, 8,789 units in national account group operations in Australia, 10,426 units in New Zealand, which are considered
retail; and 39,815 units in North America); and 77,214 units (20,376 units in retail operations in Australia, 5,931 units in national account group operations in Australia, 10,196 units in New Zealand, which are considered retail; and 40,711 units
in North America) were on lease, respectively.
In the Asia-Pacific area, the lease fleet was comprised of 38,855 storage and freight
containers and 7,600 portable building containers at December 31, 2019; and 39,616 storage and freight containers and 7,567 portable building containers at June 30, 2019. At those dates, units on lease were comprised of 33,894 storage and
freight containers and 4,928 portable building containers; and 31,610 storage and freight containers and 4,893 portable building containers, respectively.
In North America, the lease fleet was comprised of 39,393 storage containers, 5,989 office containers (GLOs), 4,206 portable liquid
storage tank containers, 4,364 mobile offices and 1,183 modular units at December 31, 2019; and 37,304 storage containers, 5,426 office containers (GLOs), 4,215 portable liquid storage tank containers, 4,436 mobile offices and 1,179
modular units at June 30, 2019. At those dates, units on lease were comprised of 28,351 storage containers, 4,690 office containers, 2,238 portable liquid storage tank containers, 3,571 mobile offices and 965 modular units; and 28,561 storage
containers, 4,437 office containers, 2,793 portable liquid storage tank containers, 3,931 mobile offices and 989 modular units, respectively.
Contractual Obligations and Commitments
Our material contractual obligations and commitments consist of outstanding borrowings under our credit facilities discussed above and
operating leases for facilities and office equipment. We believe that our contractual obligations have not changed significantly from those included in the Annual Report.
Off-Balance Sheet Arrangements
We do not maintain any off-balance sheet transactions, arrangements, obligations or other
relationships with unconsolidated entities or others that are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources.
Although demand from certain customer segments can be seasonal, our operations as a whole are not seasonal to any significant extent. We
experience a reduction in sales volumes at Royal Wolf during Australias summer holiday break from mid-December to the end of January, followed by February being a short working day month. However, this
reduction in sales typically is counterbalanced by increased levels of lease revenues derived from the removals, or moving and storage industry, which experiences its seasonal peak of personnel relocations during this same summer holiday break.
Demand from some of Pac-Vans customers can be seasonal, such as in the construction industry, which tends to increase leasing activity in the first and fourth quarters of our fiscal year; while customers
in the retail industry tend to lease more units in the second quarter. Our business at Lone Star and Southern Frac, which has been significantly derived from the oil and gas industry, may decline in our second quarter months of November and December
and our third quarter months of January and February, particularly if inclement weather delays, or suspends, customer projects.